As your data continues to grow, if it’s not managed properly it can cost your company a hefty price tag in terms of storage fees. How can you prevent this from happening? First, understanding what type of data you have, when and if it is being accessed and how long you wish to keep it is an important initial step in developing a data storage and backup retention strategy for your business. Once you know what data is needed from a company and legal standpoint, you can start to build out your data retention strategy.

It’s important for organizations to remember to not store data longer than what is required. The reason being that storing data for too long can hurt you financially – which leads us to the next point of what’s driving data retention and policies that companies implement.

Here are some reasons:

Cost

Storage space (which points back to cost)

Type of data

What the data is used for

Federal and state legal-regulatory requirements

Contractual obligations

Fiscal Factors

Company need

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After taking these factors into consideration, now it’s time to implement data retention best practices based on your industry and needs that best suit your company.